PLRX retires $30M term loan; obligations discharged and facility ended

Rhea-AI Filing Summary

Pliant Therapeutics, Inc. (PLRX) fully repaid its debt facility, making a voluntary payoff of $32.4 million on October 14, 2025 to settle all outstanding principal, accrued interest, fees and expenses under its Amended and Restated Loan and Security Agreement with Oxford Finance. With receipt of the payoff, all obligations were discharged and the loan documents were terminated.

The agreement allowed up to $150 million in term loans; the company had borrowed $30 million. The loans bore a floating rate tied to 1‑month SOFR with a 3.5% add‑on plus 5.25%, subject to a floor of 8.75%. Scheduled amortization would have begun on July 1, 2028, but the company chose early repayment, eliminating future interest and covenant requirements tied to this facility.

Insights

Capital structure analyst

PLRX extinguishes Oxford debt with a $32.4M payoff.

Pliant Therapeutics repaid $32.4 million on October 14, 2025, satisfying and terminating its Amended and Restated Loan and Security Agreement with Oxford Finance. The company had drawn $30 million under a facility permitting up to $150 million in term loans.

The term loans accrued at a floating rate with a floor of 8.75% (1‑month SOFR or 3.5%, whichever was greater, plus 5.25%). Early payoff removes ongoing interest expense and loan covenants that would have continued until repayment, while scheduled principal payments were set to begin on July 1, 2028.

Cash outflow is immediate at $32.4 million. Future impact depends on operating cash generation and any replacement financing needs; the filing does not indicate a new borrowing.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 14, 2025

PLIANT THERAPEUTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware		001-39303		47-4272481
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

331 Oyster Point Blvd., South San Francisco, CA				94080
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 481-6770

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		PLRX		The Nasdaq Stock Market LLC
Series A Junior Participating Preferred Purchase Rights		N/A		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.02 Termination of a Material Definitive Agreement

On October 14, 2025, Pliant Therapeutics, Inc. (the “Company”) completed a voluntary prepayment of $32.4 million, representing all outstanding principal, accrued and unpaid interest, fees, costs and expenses (the “Payoff Amount”) under the Amended and Restated Loan and Security Agreement (the “Loan Agreement”) dated as of March 11, 2024 among the Company, Oxford Finance LLC, as collateral agent, and the lenders listed on Schedule 1.1 thereof or otherwise a party thereto. Upon receipt by Oxford of the Payoff Amount on October 14, 2025, all obligations, covenants, debts and liabilities of the Company under the Loan Agreement were satisfied and discharged in full, and the Loan Agreement and all other documents entered into in connection with the Loan Agreement were terminated.

The Loan Agreement provided for a series of term loans up to an aggregate principal of $150 million (the “Term Loans”). Under the Loan Agreement, the Company borrowed $30 million. The Term Loans accrued interest at a floating per annum rate to the greater of the 1-month term Secured Overnight Financing Rate and 3.5% plus 5.25%, subject to an agreed upon floor of 8.75%. Beginning on July 1, 2028, the Company was required to repay the Term Loans in consecutive equal monthly payments of principal, together with applicable interest, in arrears.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				PLIANT THERAPEUTICS, INC.
Date: October 20, 2025				By:		/s/ Keith Cummings
						Keith Cummings, M.D., MBA
						Chief Financial Officer

FAQ

What did PLRX announce in its 8-K?

PLRX made a voluntary payoff of $32.4 million on October 14, 2025, satisfying and terminating its loan agreement with Oxford Finance.

How much had Pliant Therapeutics borrowed under the facility?

The company had borrowed $30 million under a term loan facility that permitted up to $150 million.

What was the interest rate on the Oxford term loans?

A floating rate equal to the greater of 1‑month SOFR and 3.5%, plus 5.25%, with a floor of 8.75%.

When would scheduled principal payments have begun?

Amortization would have started on July 1, 2028 in consecutive equal monthly installments.

What is the effect of the payoff on the loan documents?

All obligations under the loan were discharged in full and the loan agreement and related documents were terminated.

Who was the lender under PLRX’s loan agreement?

The collateral agent was Oxford Finance LLC, acting under the Amended and Restated Loan and Security Agreement.